Alumni News October 2005

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alumninews Faculty of Economics and Commerce October 2005

Economics Tops University Rankings The Department of Economics has topped a new study of economics departments in Australian and New Zealand universities. Seven University of Melbourne economists – the most from any university in the study have been identified by researchers as ‘star performers’ over the period 1988 to 2002 and named in a ‘Hall of Fame’.

The study by Macquarie University researchers has been hailed by The Australian’s Higher Education Supplement as a “more reliable ranking of departments”. It covers both individual academic economists and departments and claims to be the first ranking to take into account the advantage of department size.

The University of Melbourne outperformed all the other Australian and New Zealand universities for total output of publications and also after an adjustment for department size.

Economists who feature in the researchers’ ‘Hall of Fame’ are Professor John Creedy, Professor Jeff Borland, Professor Stephen King, Associate

President’s Report

Professor Margaret Abernethy congratulated the Department on its excellent performance in the rankings. “This independent recognition of the Department and its staff is well-earned,” she said.

The Faculty also sponsored three graduate career events earlier this year in Shanghai, Hong Kong, and Bangkok with representatives from industry, finance, and the accounting professions. The Faculty was also given exposure at University of Melbourne alumni and friends events in Brazil, Mexico, Colombia, Peru and Chile.

Welcome to the second edition of Alumni News for 2005.

Reports about the events appear in this newsletter, as do features on upcoming functions, including a 20 year reunion for those former students that started Commerce in 1985. The Alumni Society and Faculty can also assist you if you would like to arrange a reunion for your own Commerce year.

Since our last newsletter in April, we have hosted two alumni events. The first in May, with Simon Hammond from SEE Communications, was held in the Melbourne CBD and sponsored by KPMG. Simon spoke about the significance of brands and their reach into popular culture.

We also had the alumni dinner directly after the Annual General Meeting in July. Professor Ross Williams, former Dean of the Faculty of Economics and Commerce, spoke about the Goods & Services Tax and Commonwealth Grants Commission, of which he is a member.

In this issue

Professor Nilss Olekalns, Professor Vance Martin, Professor Peter Bardesley, Professor Ian McDonald and Professor Guay C Lim. Professor Creedy clearly led the individual rankings on the number of ENONLIT database journal articles and on perception of journal quality between 1988 and 2002. Professor Rabee Tourky was well in front on citations between 1996 and 2002.

I hope to see you at one of the upcoming functions! If you have anything you would like to contribute to the the Society, please contact commerce-alumni@unimelb.edu.au or ph 8344 1817.

Steven Zigomanis, President, UMCAS

Dean’s Update

2

Alumni Dinner

6

What is Convocation?

10

Young Alumni Event

3

Global Leaders

7

Adding Value

11

Commerce Graduates

4

Consumer Culture

8

Events Calendar

12

Alumni Scholarship

5

Aussie Wealth

9

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Dean’s Update The Faculty continues to grow and expand. With an increasingly diverse range of communities, and a vision of becoming one of the world’s leading business faculties, we have decided to build our external relations capability to ensure that we can more meaningfully interact with our constituencies. Next year will be a big year for development in the Faculty.

With the Vice-Chancellor’s support, we will be appointing a high profile international advisory board, launching a major fundraising campaign, and hosting a more integrated speakers program. We will also be seeking to build on our existing industry mentor scheme. Significantly, we will be laying the foundations of our new $100m+ Faculty Building in Berkeley Street (diagonally opposite the Law School). The building will set a new standard in the region for a business faculty, reflecting our vision of a modern student-centred learning environment. As we reach out to our alumni in more than 75 countries, we hope that you will join us in making the Faculty one of the world’s great centres of teaching and research in economics and commerce, and thereby have an impact on the individuals, organisations, economies and regions we indirectly seek to serve.

We have had a very full calendar over the last six months. Our two Nobel Laureates visited for the first time. Sir James Mirrlees arrived for a two month visit in March and Sir Clive Granger arrived in April. Both were kept busy with various teaching and research activities and are enjoying their time in the Faculty and adding significant value. While at the University they are residents at Trinity College. We are delighted to be able to strengthen our

links with Trinity in this way. Professor Granger presented a most interesting lecture on the “Economics of Peace” which attracted a great deal of interest from our students, staff in the University and those from outside the University when he visited us again in September.

We have had similar interest from other public lectures given by eminent scholars from around the world.

Particularly interesting was the Downing Lecture for 2005, given by Professor Matthew Rabin (University of California, Berkeley) on the Economics of Immediate Gratification.

The Alumni Annual Dinner coincided with the unveiling of the Ross Williams portrait.

We believe that the artist, Evert Ploeg, captured the essence of Ross and the portrait now hangs in the Ross Williams Conference Room. This is where the Faculty Executive meets monthly – so Ross now looks down on us as we make the decisions that affect the future direction of the Faculty. Several other key functions in the last few months included the Dean’s Awards night where we recognise the excellence achieved by our students. At a separate event we also recognised the excellence of our high quality teaching and research staff.

In August of this year Professor Robert Gregory, who graduated from our Faculty in 1961, and is the most eminent labour economist in Australia was awarded an honorary degree of Doctor of Commerce.

Much of my time in the first six months of the year is tied up with the planning and budgeting process for 2006. Deans and senior members of the University administration meet in June of every year to decide the budget and the operational plan. The budget for the University in the next year will be very tight given that the growth in fee income has plateaued coupled with some of the regulatory changes imposed by the Federal Government, the closure of Melbourne University Private and the decision to exit from the provision of Vocational Educational Programs provided by the Institute of Land, Food and Resources.

The Faculty, however, is financially sound and fortunately able to implement many new initiatives that will enable us to continue to attract the very best students and staff, undertake research that addresses important economic and social problems and develop new revenue streams to fund them. I look forward to your continued support Professor Margaret A. Abernethy Dean

Young Alumni Event Technological and Social Change: Is your degree still relevant?

Journalist and author George Megalogenis will be the feature speaker at the Commerce Young Alumni event on October 25th 2005. George is an award winning senior writer for The Australian and well known for his intelligent and lively insight into Australian business and social culture.

George (BCom 1985) specialised in economics in his Bachelor of Commerce and spent 11 years in the Canberra press gallery before returning to Melbourne as a senior writer with The Australian.

He won the ‘2003 Melbourne Press Club Quill Award’ for best columnist, where the judges said ‘His analysis of social and economic trends are anchored in the “real world” and whether writing about the housing boom or the war in Iraq, his columns are well researched and leave the reader interested and at times entertained’.

George published a book in December 2003, Faultlines: race, work, and the politics of changing Australia, which received approval from colleagues and critics alike. Writing for the Sydney Morning Herald, Bruce Elder said George’s work was ‘clear and clean. His arguments are thoughtful and intelligent. This is not some dreary academic tome but rather the work of a good journalist, with access to focus groups and official statistics, looking carefully at the way Australia has changed since 1996.’

In Faultlines George explores the seemingly contradictory tendencies in Australia’s political and cultural make up in regards to immigration, sex, race, the city and the bush.

He investigates the complex attitudes of Australians using a mixture of his own anecdotes – being the child of a migrant family – with statistics and data from the most recent census and major political party polls.

George balances his time between being a senior writer for The Australian, writing a new novel and contributing to independent political commentary.

George Megalogenis will be the feature speaker at the Young Alumni Event hosted by PricewaterhouseCoopers where he will discuss how the changes in economic journalism have impacted on business and the implications of our degrees being outpaced by social and technological change. All alumni and friends are invited to attend.

Edwin Flack Room PricewaterhouseCoopers Freshwater Place 2 Southbank Boulevard Southbank Tuesday October 25, 6-8 pm Cost: Free but RSVP essential RSVP to Dennis Lee on: dennis.steven.lee@gmail.com More information: www.ecom.unimelb.edu.au/faculty/news.html

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Dean’s Update The Faculty continues to grow and expand. With an increasingly diverse range of communities, and a vision of becoming one of the world’s leading business faculties, we have decided to build our external relations capability to ensure that we can more meaningfully interact with our constituencies. Next year will be a big year for development in the Faculty.

With the Vice-Chancellor’s support, we will be appointing a high profile international advisory board, launching a major fundraising campaign, and hosting a more integrated speakers program. We will also be seeking to build on our existing industry mentor scheme. Significantly, we will be laying the foundations of our new $100m+ Faculty Building in Berkeley Street (diagonally opposite the Law School). The building will set a new standard in the region for a business faculty, reflecting our vision of a modern student-centred learning environment. As we reach out to our alumni in more than 75 countries, we hope that you will join us in making the Faculty one of the world’s great centres of teaching and research in economics and commerce, and thereby have an impact on the individuals, organisations, economies and regions we indirectly seek to serve.

We have had a very full calendar over the last six months. Our two Nobel Laureates visited for the first time. Sir James Mirrlees arrived for a two month visit in March and Sir Clive Granger arrived in April. Both were kept busy with various teaching and research activities and are enjoying their time in the Faculty and adding significant value. While at the University they are residents at Trinity College. We are delighted to be able to strengthen our

links with Trinity in this way. Professor Granger presented a most interesting lecture on the “Economics of Peace” which attracted a great deal of interest from our students, staff in the University and those from outside the University when he visited us again in September.

We have had similar interest from other public lectures given by eminent scholars from around the world.

Particularly interesting was the Downing Lecture for 2005, given by Professor Matthew Rabin (University of California, Berkeley) on the Economics of Immediate Gratification.

The Alumni Annual Dinner coincided with the unveiling of the Ross Williams portrait.

We believe that the artist, Evert Ploeg, captured the essence of Ross and the portrait now hangs in the Ross Williams Conference Room. This is where the Faculty Executive meets monthly – so Ross now looks down on us as we make the decisions that affect the future direction of the Faculty. Several other key functions in the last few months included the Dean’s Awards night where we recognise the excellence achieved by our students. At a separate event we also recognised the excellence of our high quality teaching and research staff.

In August of this year Professor Robert Gregory, who graduated from our Faculty in 1961, and is the most eminent labour economist in Australia was awarded an honorary degree of Doctor of Commerce.

Much of my time in the first six months of the year is tied up with the planning and budgeting process for 2006. Deans and senior members of the University administration meet in June of every year to decide the budget and the operational plan. The budget for the University in the next year will be very tight given that the growth in fee income has plateaued coupled with some of the regulatory changes imposed by the Federal Government, the closure of Melbourne University Private and the decision to exit from the provision of Vocational Educational Programs provided by the Institute of Land, Food and Resources.

The Faculty, however, is financially sound and fortunately able to implement many new initiatives that will enable us to continue to attract the very best students and staff, undertake research that addresses important economic and social problems and develop new revenue streams to fund them. I look forward to your continued support Professor Margaret A. Abernethy Dean

Young Alumni Event Technological and Social Change: Is your degree still relevant?

Journalist and author George Megalogenis will be the feature speaker at the Commerce Young Alumni event on October 25th 2005. George is an award winning senior writer for The Australian and well known for his intelligent and lively insight into Australian business and social culture.

George (BCom 1985) specialised in economics in his Bachelor of Commerce and spent 11 years in the Canberra press gallery before returning to Melbourne as a senior writer with The Australian.

He won the ‘2003 Melbourne Press Club Quill Award’ for best columnist, where the judges said ‘His analysis of social and economic trends are anchored in the “real world” and whether writing about the housing boom or the war in Iraq, his columns are well researched and leave the reader interested and at times entertained’.

George published a book in December 2003, Faultlines: race, work, and the politics of changing Australia, which received approval from colleagues and critics alike. Writing for the Sydney Morning Herald, Bruce Elder said George’s work was ‘clear and clean. His arguments are thoughtful and intelligent. This is not some dreary academic tome but rather the work of a good journalist, with access to focus groups and official statistics, looking carefully at the way Australia has changed since 1996.’

In Faultlines George explores the seemingly contradictory tendencies in Australia’s political and cultural make up in regards to immigration, sex, race, the city and the bush.

He investigates the complex attitudes of Australians using a mixture of his own anecdotes – being the child of a migrant family – with statistics and data from the most recent census and major political party polls.

George balances his time between being a senior writer for The Australian, writing a new novel and contributing to independent political commentary.

George Megalogenis will be the feature speaker at the Young Alumni Event hosted by PricewaterhouseCoopers where he will discuss how the changes in economic journalism have impacted on business and the implications of our degrees being outpaced by social and technological change. All alumni and friends are invited to attend.

Edwin Flack Room PricewaterhouseCoopers Freshwater Place 2 Southbank Boulevard Southbank Tuesday October 25, 6-8 pm Cost: Free but RSVP essential RSVP to Dennis Lee on: dennis.steven.lee@gmail.com More information: www.ecom.unimelb.edu.au/faculty/news.html

2 Faculty of Economics and Commerce

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Alumni Scholarship awarded to Sophie Ferris This year the Commerce Alumni Society has once again provided a $2,000 scholarship to a final year student to assist in funding completion of their Bachelor of Commerce degree. The scholarship is provided on behalf of Commerce Alumni, and is the key reason for the Society needing to raise funds via donations from our alumni community.

The successful candidate for the Commerce Alumni Scholarship in 2005 is Sophie Ferris. Sophie displayed the required balance between excellent academic results and community service. As has been the case in recent years, the quality of undergraduates applying for the scholarship has been outstanding. The selection committee comprised of Deputy Dean, Professor Ian McDonald, Dr Jennifer Grafton (Department of Accounting and Business Information Systems) and Commerce Alumni Committee member Ross Cameron.

Sophie (pictured above right) who is in her final year of a Bachelor of Commerce/Bachelor of Science combined degree is presently abroad on exchange at the University of Commerce ‘Luigi Bocconi’. Sophie has three times been listed on the Dean’s Honours List for the Bachelor of Commerce and was a participant in the University Student Ambassador Leadership Program in 2004.

The scholarship is supported entirely by the generous donations of alumni. Donations also go towards subsidising alumni events.

Anyone wishing to support the scholarship can do so by visiting www.ecom.unimelb.edu.au/faculty/business/alumni.html or telephoning Ms Susan McPharlin on 03 8344 2167.

Fantastic Results for Commerce Graduates Once again University of Melbourne Bachelor of Commerce graduates have proven their degrees are highly prized in the professional arena.

Recent results of the Graduate Destination Survey (2004) show 91% of Melbourne commerce Bachelor graduates* were employed full time within months of graduation, of those available for full time work. These employment statistics for commerce graduates have been consistently higher than the average for all other institutions in Australia.

Melbourne Bachelor of Commerce graduates working in Australia reported a median annual salary of $40,000, also a figure higher than that reported nationally for business studies/accounting/economics graduates which was $35,000. Melbourne postgraduates reported an annual median salary of $68,250.

The Graduation Destination Survey also illustrated how rewarding a career post a Melbourne commerce degree can be, with 93% of first year Bachelor graduates and 91% of postgraduates reporting they were very satisfied or satisfied with their current occupation.

4 Faculty of Economics and Commerce

The relevance of the degree was also demonstrated as 92% of undergraduate respondents stated they were working in an area either directly or related or somewhat related to their course.

The Graduate Destination Survey is conducted by each Australian tertiary institution under the coordination of the Graduate Careers Council of Australia. The aim of the survey is to evaluate what work, further study or other activities recent graduates are participating in on the 30 of April each year For more information on the Graduate Destination Survey visit: www.upo.unimelb.edu.au/upo_EC.html *Includes combined degree graduates Graduate Destination Survey, 2004, Careers and Employment, University of Melbourne

Unveiling of Professor Ross Williams’ Portrait Over eighty staff, colleagues and friends attended the unveiling of Professor Ross Williams’ portrait on the evening of Thursday the 28 July at the Woodward Centre.

The Dean, Professor Margaret Abernethy unveiled the portrait, imparting a few anecdotes about Ross’ many contributions to the Faculty during his time as Dean.

Ross thanked the artist, Evert Ploeg who had flown in from Sydney for the event, making special note of Evert and his partner’s ‘wonderful hospitality’ while he spent many hours in their studio for sittings.

The Professor Ross Williams portrait will be located in the Ross Williams room of the Babel Building at the University of Melbourne.

Alumni News 5

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Alumni Scholarship awarded to Sophie Ferris This year the Commerce Alumni Society has once again provided a $2,000 scholarship to a final year student to assist in funding completion of their Bachelor of Commerce degree. The scholarship is provided on behalf of Commerce Alumni, and is the key reason for the Society needing to raise funds via donations from our alumni community.

The successful candidate for the Commerce Alumni Scholarship in 2005 is Sophie Ferris. Sophie displayed the required balance between excellent academic results and community service. As has been the case in recent years, the quality of undergraduates applying for the scholarship has been outstanding. The selection committee comprised of Deputy Dean, Professor Ian McDonald, Dr Jennifer Grafton (Department of Accounting and Business Information Systems) and Commerce Alumni Committee member Ross Cameron.

Sophie (pictured above right) who is in her final year of a Bachelor of Commerce/Bachelor of Science combined degree is presently abroad on exchange at the University of Commerce ‘Luigi Bocconi’. Sophie has three times been listed on the Dean’s Honours List for the Bachelor of Commerce and was a participant in the University Student Ambassador Leadership Program in 2004.

The scholarship is supported entirely by the generous donations of alumni. Donations also go towards subsidising alumni events.

Anyone wishing to support the scholarship can do so by visiting www.ecom.unimelb.edu.au/faculty/business/alumni.html or telephoning Ms Susan McPharlin on 03 8344 2167.

Fantastic Results for Commerce Graduates Once again University of Melbourne Bachelor of Commerce graduates have proven their degrees are highly prized in the professional arena.

Recent results of the Graduate Destination Survey (2004) show 91% of Melbourne commerce Bachelor graduates* were employed full time within months of graduation, of those available for full time work. These employment statistics for commerce graduates have been consistently higher than the average for all other institutions in Australia.

Melbourne Bachelor of Commerce graduates working in Australia reported a median annual salary of $40,000, also a figure higher than that reported nationally for business studies/accounting/economics graduates which was $35,000. Melbourne postgraduates reported an annual median salary of $68,250.

The Graduation Destination Survey also illustrated how rewarding a career post a Melbourne commerce degree can be, with 93% of first year Bachelor graduates and 91% of postgraduates reporting they were very satisfied or satisfied with their current occupation.

4 Faculty of Economics and Commerce

The relevance of the degree was also demonstrated as 92% of undergraduate respondents stated they were working in an area either directly or related or somewhat related to their course.

The Graduate Destination Survey is conducted by each Australian tertiary institution under the coordination of the Graduate Careers Council of Australia. The aim of the survey is to evaluate what work, further study or other activities recent graduates are participating in on the 30 of April each year For more information on the Graduate Destination Survey visit: www.upo.unimelb.edu.au/upo_EC.html *Includes combined degree graduates Graduate Destination Survey, 2004, Careers and Employment, University of Melbourne

Unveiling of Professor Ross Williams’ Portrait Over eighty staff, colleagues and friends attended the unveiling of Professor Ross Williams’ portrait on the evening of Thursday the 28 July at the Woodward Centre.

The Dean, Professor Margaret Abernethy unveiled the portrait, imparting a few anecdotes about Ross’ many contributions to the Faculty during his time as Dean.

Ross thanked the artist, Evert Ploeg who had flown in from Sydney for the event, making special note of Evert and his partner’s ‘wonderful hospitality’ while he spent many hours in their studio for sittings.

The Professor Ross Williams portrait will be located in the Ross Williams room of the Babel Building at the University of Melbourne.

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Professor Ross Williams talking with Ian Marshman and Doctor David Runia

Professor John Freebairn talking with alumni

Where does your GST go?

Professor Ross Williams delved into the distribution methodologies of GST revenue at this year’s Economics and Commerce Alumni Dinner.

on national averages or standards, for what the state could raise in revenue, and what it would need to spend on services. The difference between the standardised revenue and expenses for each state then determines the states’ needs.

The 2005 Economics and Commerce Dinner was attended by approximately 60 people at the stunning Woodward Conference Centre on July 28 where Professor Ross Williams provided an enlightening presentation about Australia’s Commonwealth Grants Commission, which is the body that has statutory responsibility for recommending how GST revenue should be divided amongst the states.

To illustrate the process, Professor Williams walked the audience through examples of revenue and expenditure equalisation by looking at the redistribution of payroll tax receipts across states and the impact of allowances for the higher costs associated with schooling for indigenous children in remote areas. Professor Williams also drew attention to a few of the contentious issues associated with redistribution such as the reallocation of revenue from mining activities which WA argues, for example, reduces the incentive for states to develop new mines.

Since the introduction of the GST, the total amount of funding available for distribution through the Grants Commission is fixed and essentially, is a zero sum game for the states as one state can only gain at the expense of another.

The current methodology for allocation, phased in after 1981, involves drawing up a hypothetical budget for each state, based

Professor Williams also traced the evolution of the Grants Commission from 1933, highlighting the key roles played by former faculty members such as Professors Giblin, Wood, Prest, Mathews and Sir Alexander Fitzgerald.

Alumni The Financial Management Association of Australia (FMAA) would like to extend an invitation to past Melbourne committee and sub-committee members to join the FMAA Alumni.

If you are a past committee or sub-committee member, could you please contact Vivien Chan at vivien.chan@fmaa.com.au or ring on 8344 4981.

For more information, please visit our website at www.fmaa.com.au/melbourne.

Melbourne students are Global Leaders Two University of Melbourne Commerce undergraduates are among eight Australians in an international group of 100 outstanding students selected as 2005 Global Leaders by the US-based Goldman Sachs Foundation.

The students, Mr Phyl Georgiou (third-year Commerce/Actuarial Studies) and Mr Simon Pitt (second-year Commerce/Law), pictured above, both residents of Trinity College, received their awards in Sydney recently.

Mr Georgiou was also one of only four Global Leaders from Australia selected to travel to New York last month to join 46 others in meeting prominent leaders from the private, public and non-profit sectors to learn more about leadership and global issues.

Global Leaders are selected for their demonstrated ability to address social problems, either globally or in their local communities, as well as for their outstanding academic achievements.

He reports the one-week program in New York was “a great opportunity for me to reflect on how I can best prepare myself in the coming years to become an improved leader”.

Mr Georgiou, for example, instigated and is leading a team of Trinity students who have raised funds for, and established, the Carlton Youth Soccer Club to help young African refugees adjust to Australian society. Part of the funding for the project was provided by a Trinity College Community Service grant.

Adapted from an article by Paul Richiardi, UniNews, 8 August 2005

We look forward to hearing from you.

6 Faculty of Economics and Commerce

Alumni News 7

Alumni news Sept05 d3

23/9/05

10:24 AM

Page 6

Professor Ross Williams talking with Ian Marshman and Doctor David Runia

Professor John Freebairn talking with alumni

Where does your GST go?

Professor Ross Williams delved into the distribution methodologies of GST revenue at this year’s Economics and Commerce Alumni Dinner.

on national averages or standards, for what the state could raise in revenue, and what it would need to spend on services. The difference between the standardised revenue and expenses for each state then determines the states’ needs.

The 2005 Economics and Commerce Dinner was attended by approximately 60 people at the stunning Woodward Conference Centre on July 28 where Professor Ross Williams provided an enlightening presentation about Australia’s Commonwealth Grants Commission, which is the body that has statutory responsibility for recommending how GST revenue should be divided amongst the states.

To illustrate the process, Professor Williams walked the audience through examples of revenue and expenditure equalisation by looking at the redistribution of payroll tax receipts across states and the impact of allowances for the higher costs associated with schooling for indigenous children in remote areas. Professor Williams also drew attention to a few of the contentious issues associated with redistribution such as the reallocation of revenue from mining activities which WA argues, for example, reduces the incentive for states to develop new mines.

Since the introduction of the GST, the total amount of funding available for distribution through the Grants Commission is fixed and essentially, is a zero sum game for the states as one state can only gain at the expense of another.

The current methodology for allocation, phased in after 1981, involves drawing up a hypothetical budget for each state, based

Professor Williams also traced the evolution of the Grants Commission from 1933, highlighting the key roles played by former faculty members such as Professors Giblin, Wood, Prest, Mathews and Sir Alexander Fitzgerald.

Alumni The Financial Management Association of Australia (FMAA) would like to extend an invitation to past Melbourne committee and sub-committee members to join the FMAA Alumni.

If you are a past committee or sub-committee member, could you please contact Vivien Chan at vivien.chan@fmaa.com.au or ring on 8344 4981.

For more information, please visit our website at www.fmaa.com.au/melbourne.

Melbourne students are Global Leaders Two University of Melbourne Commerce undergraduates are among eight Australians in an international group of 100 outstanding students selected as 2005 Global Leaders by the US-based Goldman Sachs Foundation.

The students, Mr Phyl Georgiou (third-year Commerce/Actuarial Studies) and Mr Simon Pitt (second-year Commerce/Law), pictured above, both residents of Trinity College, received their awards in Sydney recently.

Mr Georgiou was also one of only four Global Leaders from Australia selected to travel to New York last month to join 46 others in meeting prominent leaders from the private, public and non-profit sectors to learn more about leadership and global issues.

Global Leaders are selected for their demonstrated ability to address social problems, either globally or in their local communities, as well as for their outstanding academic achievements.

He reports the one-week program in New York was “a great opportunity for me to reflect on how I can best prepare myself in the coming years to become an improved leader”.

Mr Georgiou, for example, instigated and is leading a team of Trinity students who have raised funds for, and established, the Carlton Youth Soccer Club to help young African refugees adjust to Australian society. Part of the funding for the project was provided by a Trinity College Community Service grant.

Adapted from an article by Paul Richiardi, UniNews, 8 August 2005

We look forward to hearing from you.

6 Faculty of Economics and Commerce

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Researchers uncover the inequalities of Aussie wealth How much wealth does the typical Aussie family have? Researchers at the Melbourne Institute of Applied Economic and Social Research have discovered that the distribution of wealth amongst Australians is very unequal. They have released their findings with some remarkable results.

Conducted as part of the HILDA Survey, Melbourne Institute researchers Bruce Headey, Gary Marks and Mark Wooden have documented the distribution of household wealth in Australia and examined its relationships with demographic and social factors. Not since World War I has there been a survey on individual wealth holdings in Australia.

The studies find that the bottom half of the population owned less than ten per cent of total household net worth, while the wealthiest ten per cent owned 45 per cent of total household wealth.

• Singles and single-parent households have the lowest levels of wealth.

• Pensioners are well short of the wealth that would enable them to live a ‘comfortable lifestyle’, as determined by the Association of Superannuation Funds of Australia.

Consumer culture generates longer working hours

Referring to findings that property is the largest component of assets, Dr Headey, Principal Fellow at the Melbourne Institute, said ‘housing is not the only game in town.’

Many Australians end up with no cash when they retire because they have locked it into their house.

Our consumer culture is forcing Australians to work longer hours in order to manage their debts and sustain high levels of consumption, according to a study by University of Melbourne researchers at the Melbourne Institute of Applied Economic and Social Research.

Dr Headey also pointed out that wealth is heavily skewed with age. ‘Wealth is not closely linked to a persons’ socioeconomic background’ he said.

• Smokers are less wealthy.

Other findings in the studies include:

‘These findings are significant to all Australians’, Professor Mark Wooden said.

Using data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey, the paper shows that not only is there a significant proportion (22 per cent) of employed Australians working long hours – defined as regularly working 50 or more hours each week – but that for more than half of these people, it is a persistent phenomenon.

Those working longer hours are generally ‘ideal workers’ – managers and professionals with high levels of education, promotion opportunities, and flexible work hour arrangements.

Workers driving the positive association between professional occupations and persistently long hours include teachers, academics, lawyers, broadcasters, actors, journalists and pilots.

8 Faculty of Economics and Commerce

Long hours were also associated with several non-managerial and non-professional occupations, including road and rail transport drivers, suggesting long hours are not always connected to the ‘ideal worker’ norm.

“It is startling how many employees are working such long hours year after year just to help pay off their debts,” said Professor Mark Wooden, Deputy Director of the Melbourne Institute and one of the study’s authors.

“A clear implication of the research is that reclaiming leisure and family time will require many households cutting back on expenditure.”

• The largest component of both assets and debt is property.

• Wealth is strongly associated with age.

The median wealth of 55-65 year-olds was $444,000 compared to $8,000 among 18 to 24 year olds.

• University education is associated with substantially higher levels of wealth.

• Even when taking into account age differences, marriage and to a lesser extent de facto relationships, are associated with greater wealth.

• Drinkers are wealthier, unless they are heavy drinkers.

Whilst studies have been conducted by financial institutions in the past, the information collected through the HILDA Survey is from individuals representing the Australian population. Financial institution surveys cannot say how wealth is distributed, which is what these findings from the HILDA set accomplish.

To find out more about the HILDA Survey visit: www.melbourneinstitute.com/hilda

Alumni News 9

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23/9/05

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Page 8

Researchers uncover the inequalities of Aussie wealth How much wealth does the typical Aussie family have? Researchers at the Melbourne Institute of Applied Economic and Social Research have discovered that the distribution of wealth amongst Australians is very unequal. They have released their findings with some remarkable results.

Conducted as part of the HILDA Survey, Melbourne Institute researchers Bruce Headey, Gary Marks and Mark Wooden have documented the distribution of household wealth in Australia and examined its relationships with demographic and social factors. Not since World War I has there been a survey on individual wealth holdings in Australia.

The studies find that the bottom half of the population owned less than ten per cent of total household net worth, while the wealthiest ten per cent owned 45 per cent of total household wealth.

• Singles and single-parent households have the lowest levels of wealth.

• Pensioners are well short of the wealth that would enable them to live a ‘comfortable lifestyle’, as determined by the Association of Superannuation Funds of Australia.

Consumer culture generates longer working hours

Referring to findings that property is the largest component of assets, Dr Headey, Principal Fellow at the Melbourne Institute, said ‘housing is not the only game in town.’

Many Australians end up with no cash when they retire because they have locked it into their house.

Our consumer culture is forcing Australians to work longer hours in order to manage their debts and sustain high levels of consumption, according to a study by University of Melbourne researchers at the Melbourne Institute of Applied Economic and Social Research.

Dr Headey also pointed out that wealth is heavily skewed with age. ‘Wealth is not closely linked to a persons’ socioeconomic background’ he said.

• Smokers are less wealthy.

Other findings in the studies include:

‘These findings are significant to all Australians’, Professor Mark Wooden said.

Using data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey, the paper shows that not only is there a significant proportion (22 per cent) of employed Australians working long hours – defined as regularly working 50 or more hours each week – but that for more than half of these people, it is a persistent phenomenon.

Those working longer hours are generally ‘ideal workers’ – managers and professionals with high levels of education, promotion opportunities, and flexible work hour arrangements.

Workers driving the positive association between professional occupations and persistently long hours include teachers, academics, lawyers, broadcasters, actors, journalists and pilots.

8 Faculty of Economics and Commerce

Long hours were also associated with several non-managerial and non-professional occupations, including road and rail transport drivers, suggesting long hours are not always connected to the ‘ideal worker’ norm.

“It is startling how many employees are working such long hours year after year just to help pay off their debts,” said Professor Mark Wooden, Deputy Director of the Melbourne Institute and one of the study’s authors.

“A clear implication of the research is that reclaiming leisure and family time will require many households cutting back on expenditure.”

• The largest component of both assets and debt is property.

• Wealth is strongly associated with age.

The median wealth of 55-65 year-olds was $444,000 compared to $8,000 among 18 to 24 year olds.

• University education is associated with substantially higher levels of wealth.

• Even when taking into account age differences, marriage and to a lesser extent de facto relationships, are associated with greater wealth.

• Drinkers are wealthier, unless they are heavy drinkers.

Whilst studies have been conducted by financial institutions in the past, the information collected through the HILDA Survey is from individuals representing the Australian population. Financial institution surveys cannot say how wealth is distributed, which is what these findings from the HILDA set accomplish.

To find out more about the HILDA Survey visit: www.melbourneinstitute.com/hilda

Alumni News 9

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Value adding: A postgraduate business degree

What is Convocation?

The Committee of Convocation is the body which provides the means for Melbourne graduates to have an input into their University. Graduates elect their representatives by Faculty groupings to a committee for fixed terms.

The Committee of Convocation receives and considers University council papers on University legislation, management, budgets, academic matters and governance, and passes its views to Council via written reports to council meetings. The President of Convocation attends and addresses University council meetings.

The Vice Chancellor addresses the Committee of Convocation on overall University planning and what has been achieved. When considering current issues, the Committee of Convocation is briefed by, and questions, the appropriate University staff member from both the administrative and academic areas, including Deans of Faculties.

The University Secretary attends all meetings of the Committee of Convocation and provides a key link to University governance and its legislative and administrative arrangements.

Graduates of each faculty grouping elect one or more representatives (43 in all) to the Committee of Convocation with the number of representatives dependant upon the number of graduates in each faculty, (like Parliamentary proportional representation). The large number of commerce graduates entitles us to six representatives on the Committee of Convocation, one of whom is currently the Vice President.

All of these arrangements are designed to provide ways for University of Melbourne graduates to keep in touch with their University, and to have a means through which they can review and express views on University matters. This aim is in tandem with the work of UMCAS, your Commerce Alumni Society, who are working to foster graduate relations and participation (including reunions) all of which is strongly supported by the Faculty.

For more information about Convocation visit www.unimelb.edu.au/unisec/ convocation

A recent study by consulting group Access Economics found that postgraduate business qualifications generate an estimated net economic benefit of $660,000 per graduate more than any other type of graduate. These benefits apply to the whole economy from the individuals (who earn more income), the government (who earns more tax) and firms (who earn more profits from skilled employees).1

‘I’ve also found that as career opportunities are becoming increasingly global, it is important to attend a university with world-wide recognition for teaching quality and research’ he said.

Stephen Bowditch worked in the consulting and pharmaceutical industry for eight years before deciding to broaden and deepen his business knowledge by studying a Master of Applied Commerce, specialising in Marketing. Stephen discovered having a formal business or marketing qualification at master’s level was increasingly becoming a prerequisite to obtaining top positions in many companies.

The Faculty of Economics and Commerce offers masters programs in management, marketing, applied commerce, business and IT, international business, accounting and finance. The benefits are not just economic – graduates are also motivated to return to study for purposes such as career transition, professional development and intellectual stimulation. They also want degrees that are flexible and allow them to be better qualified for a wide range of jobs.

Stephen recently completed his masters and has been appointed as Business Development Manager at Eye Research Australia.

Economic benefits of undergraduate and postgraduate business qualifications Business undergrad

Tertiary undergrad

Business postgrad

Tertiary postgrad

University cost

$30,239

$47,382

$60,351

$76,714

Student costs

$8,082

$8,082

$13,084

$13,084

Deadweight losses

$5,395

$11,842

$3,350

$3,350

Total cost

$43,716

$67,305

$76,786

$93,149

Income Premium

$542,509

$250,818

$736,512

$347,234

Net economic benefit over someone who completes Year 12

$498,794

$183,513

$659,726

$254,0852

1

Stephen Bowditch, Master of Applied Commerce

The Australian Financial Review, 20 June 2005, p. 33

Your current Representatives are listed there, and they would welcome any views or requests.

How much will we pay for peace?

2005 Queens Birthday Honours AO: Officer of the Order of Australia

OAM: Medal of the Order of Australia

Mr Michael Joseph CARMODY, AO (BCom 1973) – alumnus For service to the community in the area of taxation administration and reform through innovative approaches to the design and implementation of new policies and operations.

Ms Nanette Margaret OATES, OAM (BCom 1961) – alumna For service to environmental management through the development of conservation programs and policies, and to the community through education about fire safety.

Professor Sir Clive Granger addressed the issue of the ‘costs’ of a peace economy as opposed to a war economy discussing issues of risk, unemployment, return on investment, exchange and interest rates.

Sir Clive presented these issues to an audience of over 350 people at the recent Public Deans Lecture on September 15th as a part of the Faculty’s visiting eminent scholar program.

For notes of the lecture ‘The Economics of Peace’ visit: www.ecom.unimelb.edu.au

Professor Peter McPhee, Professor Margaret Abernethy and Sir Clive Granger

10 Faculty of Economics and Commerce

Alumni News 11

Alumni news Sept05 d3

23/9/05

10:24 AM

Page 10

Value adding: A postgraduate business degree

What is Convocation?

The Committee of Convocation is the body which provides the means for Melbourne graduates to have an input into their University. Graduates elect their representatives by Faculty groupings to a committee for fixed terms.

The Committee of Convocation receives and considers University council papers on University legislation, management, budgets, academic matters and governance, and passes its views to Council via written reports to council meetings. The President of Convocation attends and addresses University council meetings.

The Vice Chancellor addresses the Committee of Convocation on overall University planning and what has been achieved. When considering current issues, the Committee of Convocation is briefed by, and questions, the appropriate University staff member from both the administrative and academic areas, including Deans of Faculties.

The University Secretary attends all meetings of the Committee of Convocation and provides a key link to University governance and its legislative and administrative arrangements.

Graduates of each faculty grouping elect one or more representatives (43 in all) to the Committee of Convocation with the number of representatives dependant upon the number of graduates in each faculty, (like Parliamentary proportional representation). The large number of commerce graduates entitles us to six representatives on the Committee of Convocation, one of whom is currently the Vice President.

All of these arrangements are designed to provide ways for University of Melbourne graduates to keep in touch with their University, and to have a means through which they can review and express views on University matters. This aim is in tandem with the work of UMCAS, your Commerce Alumni Society, who are working to foster graduate relations and participation (including reunions) all of which is strongly supported by the Faculty.

For more information about Convocation visit www.unimelb.edu.au/unisec/ convocation

A recent study by consulting group Access Economics found that postgraduate business qualifications generate an estimated net economic benefit of $660,000 per graduate more than any other type of graduate. These benefits apply to the whole economy from the individuals (who earn more income), the government (who earns more tax) and firms (who earn more profits from skilled employees).1

‘I’ve also found that as career opportunities are becoming increasingly global, it is important to attend a university with world-wide recognition for teaching quality and research’ he said.

Stephen Bowditch worked in the consulting and pharmaceutical industry for eight years before deciding to broaden and deepen his business knowledge by studying a Master of Applied Commerce, specialising in Marketing. Stephen discovered having a formal business or marketing qualification at master’s level was increasingly becoming a prerequisite to obtaining top positions in many companies.

The Faculty of Economics and Commerce offers masters programs in management, marketing, applied commerce, business and IT, international business, accounting and finance. The benefits are not just economic – graduates are also motivated to return to study for purposes such as career transition, professional development and intellectual stimulation. They also want degrees that are flexible and allow them to be better qualified for a wide range of jobs.

Stephen recently completed his masters and has been appointed as Business Development Manager at Eye Research Australia.

Economic benefits of undergraduate and postgraduate business qualifications Business undergrad

Tertiary undergrad

Business postgrad

Tertiary postgrad

University cost

$30,239

$47,382

$60,351

$76,714

Student costs

$8,082

$8,082

$13,084

$13,084

Deadweight losses

$5,395

$11,842

$3,350

$3,350

Total cost

$43,716

$67,305

$76,786

$93,149

Income Premium

$542,509

$250,818

$736,512

$347,234

Net economic benefit over someone who completes Year 12

$498,794

$183,513

$659,726

$254,0852

1

Stephen Bowditch, Master of Applied Commerce

The Australian Financial Review, 20 June 2005, p. 33

Your current Representatives are listed there, and they would welcome any views or requests.

How much will we pay for peace?

2005 Queens Birthday Honours AO: Officer of the Order of Australia

OAM: Medal of the Order of Australia

Mr Michael Joseph CARMODY, AO (BCom 1973) – alumnus For service to the community in the area of taxation administration and reform through innovative approaches to the design and implementation of new policies and operations.

Ms Nanette Margaret OATES, OAM (BCom 1961) – alumna For service to environmental management through the development of conservation programs and policies, and to the community through education about fire safety.

Professor Sir Clive Granger addressed the issue of the ‘costs’ of a peace economy as opposed to a war economy discussing issues of risk, unemployment, return on investment, exchange and interest rates.

Sir Clive presented these issues to an audience of over 350 people at the recent Public Deans Lecture on September 15th as a part of the Faculty’s visiting eminent scholar program.

For notes of the lecture ‘The Economics of Peace’ visit: www.ecom.unimelb.edu.au

Professor Peter McPhee, Professor Margaret Abernethy and Sir Clive Granger

10 Faculty of Economics and Commerce

Alumni News 11

Alumni news Sept05 d3

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Page 12

Upcomingevents 20 Year Commerce Reunion For those who commenced their degree in 1985 Friday 7 October 2005 6.30–9.30pm Lower East Dining Room University House University of Melbourne Cost: $40 (finger food and drinks) Enquiries: Ross Cameron ross@cameronresearch.com.au Alumni viewing at the Potter Museum of Art – Exhibition A special invitation is extended to all alumni of the University of Melbourne to a private viewing of the exhibition, ‘A study in rhythm and design: Edith Alsop (1871–1958)’ Sunday 9 October 2005 10am–12pm Potter Museum of Art Swanston Street, Parkville Cost: $28.00 per head Bookings are essential Please phone (03) 8344 4408 More information at: www.events.unimelb.edu.au/ eventid_1995.html

Accounting Seminar Series

by Professor Michael Maher (University of California, Davis) Melbourne Accounting Research Seminar Program Friday 14 October 2005 11am–12pm Level 4, Seminar Room 4 Economics and Commerce Building Enquiries: Loris Muir Ph: 03 8344 7704 lmuir@unimelb.edu.au

Annual Reunion Luncheon Commerce Alumni who graduated 45 or more years ago Thursday 18 October 2005 1–3pm Upper East Dining Room, University House University of Melbourne Final Year BBQ Introducing Final Year students and the Alumni Committee Thursday 20 October 2005 1pm Parkville Campus University of Melbourne

Contact details Faculty of Economics and Commerce Level 4, Alan Gilbert Building The University of Melbourne Vic 3010 Tel: 03 8344-1815 Fax: 03 9348-1674 Email: commerce-alumni@unimelb.edu.au Web: http://www.ecom.unimelb.edu.au/ faculty/business/alumni.html

12 Faculty of Economics and Commerce

Young Alumni Event hosted

by PricewaterhouseCoopers Guest Speaker George Megalogenis, Senior Writer, The Australian Tuesday 25 October 2005 6–8pm PricewaterhouseCoopers Freshwater Place 2 Southbank Boulevard Southbank RSVP essential: Dennis Lee dennis.steven.lee@gmail.com Undergraduate Bachelor of Commerce Drop In Sessions Meet academic staff, course advisors and current students Thursday 1 December 2005 6–7.30pm Executive Lounge, Level 1, Alan Gilbert Building, cnr Grattan and Barry Streets, Carlton Enquiries: Carlene Nuske cnuske@unimelb.edu.au

Postgraduate Melbourne Town Hall Expo Meet postgraduate staff, collect course information and ask individual questions. Visit us at the Economics and Commerce table.

Thursday 13 October 2005 12–7pm Melbourne Town Hall, cnr Swanston and Collins Streets, Melbourne.

Information sessions with Program Directors This evening will allow you to attend one or two information sessions specifically covering particular programs.

Wednesday 9 November 2005 6–7.30pm Executive Lounge, Level 1, Alan Gilbert Building, cnr Grattan and Barry Streets, Carlton Postgraduate enquires: Amanda Hamilton or Sam White ecom.unimelb@custhelp.com or Ph: 03 8344-1670

Please note that if you wish to hold your own 10 or 20 year commerce reunion, guidelines are available to assist you in creating a successful event.

Please contact Susan McPharlin Ph: 03 8344 2167 or email: s.mcpharlin@unimelb.edu.au

Edited by Carlene Nuske, Community Relations Faculty of Economics and Commerce Alumni News is a publication of the Faculty of Economics and Commerce Authorised by the General Manager Disclaimer The information in this publication was correct at the time of printing.

The University reserves the right to make changes as appropriate.

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Visit http://www.unimelb.edu.au/ alumni/gradnet.html to register.